Companies Act
Independent director selection may get easier
By admin at 19 June, 2010, 10:26 am
The government is planning to reform rules guiding the selection and appointment of independent directors in state-owned companies, a move aimed at instilling greater transparency and haste into a ponderous process.
A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry [...]
SC clears way for tribunal to speed up corporate cases
By admin at 12 May, 2010, 10:52 am
In a landmark judgment, a five-judge constitution bench of the Supreme Court on Tuesday upheld the legality of the Companies (Second Amendment) Act, 2002, providing for the establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal to deal exclusively with the company cases for their speedy disposal.
Barring the judicial review power [...]
Norms for independent directors sought
By admin at 15 April, 2010, 10:25 am
The Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) have urged the government to lay down guidelines for independent directors, including their terms of appointment, responsibilities and tenure in the company.
“After Satyam scam, people of repute have become very cautious about joining the boards of companies as [...]
Companies Bill includes 2 of 10 suggestions by co secretary body
By admin at 15 March, 2010, 10:59 am
The Institute of Company Secretaries of India (ICSI) has said that two of its secretarial standards recommendations have been incorporated in the new Companies Bill and it expects more to be considered before finalisation.
The ICSI President, Mr Vinayak S. Khanvalkar, said that a core group formed by ICSI had come up with 10 secretarial standards [...]
Govt may harmonise voluntary corp governance norms in Cos Bill
By admin at 11 March, 2010, 10:42 am
The government today said it will try to harmonise the voluntary corporate governance norms with the new Companies Act and is open to make the existing guidelines more effective.
“We are open to redoing and reevaluating the voluntary corporate governance code next year… We will (also) try to harmonise the code with the new Companies Act [...]
Companies Bill likely in monsoon session: Ministry
By admin at 12 February, 2010, 6:32 pm
The new Companies Bill, which seeks to replace the legislation enacted way back in 1952, is likely to be approved by Parliament in the monsoon session, corporate secretary R Bandyopadhay said on Thursday. “With the speed at which the parliamentary standing committee is proceeding with the discussions, I am hopeful that the Bill would be [...]
Read More >>Vanishing firms back on radar with govt’s new rules
By admin at 2 February, 2010, 11:53 am
The Ministry of Corporate Affairs (MCA) has relaxed norms for classification of ‘vanishing companies’. Under a key revision, an entity cannot be identified as ‘vanishing company’ if any of its directors — executive or non-executive — can be traced.
Earlier, if the managing director or any of the whole-time directors could not be traced, the company [...]
Scope seeks code for independent directors
By admin at 18 January, 2010, 11:14 am
A new code of conduct for independent directors on board of public sector companies may be in the works.
The standing conference on public enterprises (Scope) has written to the ministry of corporate affairs and department of public enterprises to evolve a code for directors on boards of 240 public sector enterprises. It has also written [...]
Independent directors should be accountable
By admin at 15 January, 2010, 3:16 pm
Independent directors, who served on the boards of many companies without taking interest and spent insignificant amounts of time in meetings, have turned corporate governance into a ‘farce’, Madhav Mehra, president of UK-based World Council for Corporate Governance said.
“We have turned corporate governance into a farce”, Mehra said in this context at the three-day Corporate [...]
Company law to be amended in budget session
By admin at 14 January, 2010, 12:24 pm
The government plans to introduce a bill to amend the Companies Act in the budget session of parliament to enable convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS).
“The ministry will carry out the exercise for necessary amendments in the Companies Act in the forthcoming budget session of parliament,” said a statement [...]